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Healthy, Wealthy, and Wise: Retirement Planning Predicts Employee Health Improvements

September 2014
Psychological Science Forthcoming(9)

DOI:10.1177/0956797614540467

Authors:

Lamar Pierce

Washington University in St. Louis

Timothy Gubler

Brigham Young University

Are poor physical and financial health driven by the same underlying psychological factors? We document that the decision to contribute to a 401(k) retirement plan predicts whether or not an individual will act to correct poor physical health indicators revealed during an employer-sponsored health examination. Using this examination as a quasi-exogenous shock to employees’ personal health knowledge, we examine which employees are more likely to improve health, controlling for differences in initial health, demographics, job type, and income. We find that existing retirement contribution patterns and future health improvements are highly correlated. Those that save for the future by contributing to a 401(k) improved abnormal health test results and poor health behaviors approximately 27% more than non-contributors. These findings are consistent with an underlying individual time discounting trait that is both difficult to change and domain interdependent, and that predicts long-term individual behaviors on multiple dimensions.

Health Improvement by Retirement Contributor Status

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Relationship Between Retirement Contribution and Risk Factor Improvements

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Figures - uploaded by Lamar Pierce

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Content uploaded by Lamar Pierce

Content may be subject to copyright.

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- -

triglycerides

hdl

cholesterol

hemoglobin A1c

glucose

BUN

BUN/Creatinine

ldl

vldl

−10 0 10 20

Percent Improvement of Contributors Relative to Others

Coefficient Estimate 95% Confidence Interval

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Figure-3:-Relationship-Between-Retirement-Contribution-and-Risk-Factor-Improvements-

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c. risk factors

stress

bmi

perceived health

job satisfaction

drinks/week

blood pressure

smoking status

exercise days

sleep drugs

seat belts

sick days

−50 0 50 100

Percent Improvement of Contributors Relative to Others

Coefficient Estimate 95% Confidence Interval

QN)

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Author-Contribution:-

;D)<=>$"1)#+,)?D)3-"15")58$$"5%",)%&"),#%#)#+,),".-4+",)%&").%= ,' D);D)<=>$"1)7"1E812",)%&"),#%#)#+#$'.-.)

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Declaration-of-Conflicting-Interests:-

;&")#=%&81.),"5$#1",)%&#%)%&"')&#,)+8)58+E$-5%.)8E)-+%"1".%)H-%&)1".7"5%)%8)%&"-1)#=%&81.&-7)81)%&")

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References--

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The role of financial conditions for physical and mental health. Evidence from a longitudinal survey and insurance claims data

Article

Full-text available

May 2021

Background Both theory and empirical evidence suggest that financial conditions are influential for mental health and might contribute to physical health outcomes. Methods Using longitudinal survey data and health claims data from 1,209 employees in a large U.S. health insurance company, we examined temporal associations between measures of financial safety, financial capability, financial distress, their summary index (financial security) and six subsequently measured mental and physical health outcomes. Results We found that financial safety and financial capability were positively associated, while financial distress was negatively associated, with subsequent self-reported measures of physical and mental health, even after controlling for these health measures at baseline and other confounders. Additionally, financial conditions were associated with reduced risk of depression based on medical claims data. Financial safety was also associated with anxiety. Conclusions Policy-makers might consider the introduction of more effective measures for ensuring favorable financial conditions as an important contributor to better population health. Furthermore, policy could encourage teaching adequate financial management techniques and the importance of understanding of long-term consequences of financial decisions, as those might be pivotal for health outcomes.

Do All Savings Matter Equally? Saving Types and Emotional Well-Being Among Older Adults: Evidence from Panel Data-being · Quality of life · CASP-12 · Financial security · Types of savings · SHARE · Middle-aged and older adults

Article

Full-text available

Mar 2023
J Fam Econ Issues

Ill-being and mental ill-health have been on the rise in both Europe and the United States, especially among middle-aged and older adults. Although financial security has been shown to play a protective role in emotional well-being, little is known about the protective role of different types of family assets on mental health and well-being. Using longitudinal survey data from the Survey of Health, Aging and Retirement in Europe (SHARE) collected between 2004 and 2017, we examined the role of different types of family assets in emotional well-being and depression. A multivariate proportional hazard model with time-varying covariates was used. We found that family assets may play a significant protective role against depression , loneliness, and a decreased quality of life. Different forms of family assets may play diverse roles in protecting against the risks of ill-being and mental ill-health; however, their roles in increasing the chances of overcoming ill-being are less pronounced. Promotion of saving behaviours and proper financial management can help protect against adverse well-being and health outcomes in middle-aged and older adults.

State Pension eligibility age and retirement behaviour: evidence from the United Kingdom Household Longitudinal Study

Preprint

Full-text available

Dec 2022

We examine individuals’ retirement behaviour in response to changes in the State Pension eligibility age introduced in various Pension Acts in the UK. Our findings show that the annual probability of retirement reduced significantly in response to a one-year increase in State Pension eligibility age, by 16 pp and 13 pp for men and women respectively. They also show that women adjusted their expected retirement age downwards in response to an increase in their SP eligibility age. These findings suggest that whilst an increase in the State Pension eligibility age induces individuals to postpone actual retirement, it does not lead to individuals revising their expected retirement age upwards, which could result in suboptimal retirement planning. The latter can be problematic for those who rely disproportionately on State Pension as their main source of income and, arguably, targeted communication campaigns are needed to improve retirement planning.

Reading Nutrition Labels: A Predictor of Health and Wealth?

Article

Oct 2018

This study explored relationships between the practice of reading Nutrition Facts labels on food products and the frequency of performance of 19 positive health and financial practices. Data were collected using an online survey with 3,361 observations that provided a simultaneous assessment of the participating individuals’ health and financial practices. Few publicly-available instruments of this type exist. The reliability of the overall scale used in this study was .845. Support was found for three hypotheses: there are differences in demographic characteristics between those who read Nutrition Facts labels and others and respondents who reported reading nutrition labels had both higher health practice scores and higher financial practice scores than others. Those who were more likely to read nutrition labels were females, older respondents, and those with higher education and incomes. Findings of this study, which provide evidence of positive associations between two different aspects of people’s lives, imply that it might be useful for both health and financial practitioners to know if their clients/students read nutrition labels on a regular basis. Having this information can inform the content and duration of interventions to change health- and financial-related behaviors.

State Pension Eligibility Age and Retirement Behaviour: Evidence from the United Kingdom Household Longitudinal Study

Article

Full-text available

Jan 2022

State Pension eligibility age and retirement behaviour: evidence from the United Kingdom Household Longitudinal Study

Preprint

Full-text available

Mar 2022

We examine individuals' retirement behaviour in response to changes in the State Pension eligibility age introduced in various Pension Acts in the UK. The findings show the probability of retirement increases sharply once individuals become eligible for State Pension, by 40 pp and 34 pp for men and women respectively. We find no empirical support for men or women adjusting their expected retirement age upwards in response to an increase in the SP eligibility age. Our findings suggest that whilst changes in the State Pension eligibility age are important for individual's actual retirement, they do not induce individuals to revise their expected retirement age and this can result in suboptimal retirement planning. The latter can be problematic for those who rely disproportionately on State Pension as their main source of income and, arguably, targeted communication campaigns are needed to improve retirement planning.

I am willing to save for my retirement but I don't want to get old - IRMBAM 2023

Conference Paper

Full-text available

Mar 2024

Unlike other forms of discrimination, there is little scientific research on ageism. Its scope is limited to health and the workplace, and results show that negative stereotypes most often result in decreased performance. The purpose of this research is to understand the effects of negative age stereotypes and age anxiety on the willingness to save for retirement in an increasingly aging society. A quantitative study was administered online on a sample based on an access panel (Crowdpanel). A structural equation modeling approach was conducted using the LAVAAN R package. It was completed by the analysis of mediations with the Process package. The results show that negative age stereotypes increase aging anxiety and risk tolerance, which reduces willingness to save for retirement. Negative age stereotypes and age anxiety have no indirect effect. In contrast, age anxiety increases risk aversion, which increases willingness to save. The study provides recommendations for bank managers, government, and associations for the elderly, to implement appropriate marketing actions to combat ageism and encourage saving for retirement.

Exploring the first steps of retirement engagement: a conceptual model and field evidence

Article

Jun 2022
J SERV MANAGE

Purpose The authors develop and validate a conceptual model, the retirement engagement model (REM), to understand the relationships between behavioral engagement (retirement information search), cognitive factors and engagement (e.g. beliefs and financial knowledge), emotional engagement (e.g. anxiety), and socio-demographic factors. Approach: The authors derive the REM through a three-step procedure: (1) an extensive literature review, (2) interactive feedback sessions with experts to confirm the model's academic and managerial relevance, and (3) an empirical test of the REM with field data ( N = 583). The authors use a partial least squares (PLS) structural equation model and examine heterogeneity through a finite mixture model. Design/methodology/approach Around the globe, people are insufficiently engaged with retirement planning. The customer engagement literature offers rich insights into antecedents, outcomes, and barriers to engagement. However, customer engagement literature lacks insights into cognitive, emotional and behavioral factors that drive engagement in retirement planning, a utilitarian service context, which is important for financial well-being. Findings Beliefs such as perceived susceptibility, severity, benefits, barriers, and self-efficacy, together with trust and retirement anxiety, explain people's search for pension information. These factors can be used to define three clear, actionable segments of consumers. Originality/value The findings advance the customer engagement and transformative service research literature by generating insights on engagement with retirement planning, a utilitarian rather than hedonic service context that is especially relevant for financial well-being. The findings inform managerial practice and emphasize the relevance of including cognitive and emotional engagement factors that trigger behavioral engagement. The REM can help to improve pension communication. For example, the results indicate that marketers should stress the benefits of, rather than the barriers to, acquiring information.

Problem-solution Framework of Retirement Planning: A Malaysian Perspective

Article

Jan 2021

This paper aims to review the obstacles faced by individuals in planning a prosperous retirement and to suggest some improvements to encourage the individuals and governments in achieving steadfast finances during the current economic crisis. This paper has utilised a critical review technique on current and emerging systems of retirement planning in Malaysia. We found the two main factors of retirement planning, perceived financial literacy and perception of health, from the literature. Paradoxically, we found limited ways on how the retirement planning practices can assist Malaysians achieve the significance levels of retirement planning which are defined as the successful retirement planning indicators. Contributions of this study are to provide a foresight framework to solve the current Malaysian problems in managing their retirement plan: low salary, late planning, high bankruptcy cases, high household debt and low savings; and suggest a solution framework of study the retirement systems. The literature on retirement planning management has expanded. However, future research is necessary to align the volatile economic conditions and the technological changes.

Introduction to Industrial/Organizational Psychology

Book

May 2022

Introduction to Industrial/Organizational Psychology provides a complete overview of the psychological study of the world of work. Written with the student in mind, the book presents classic theory and research in the field alongside examples from real-world work situations to provide deeper insight. This edition has been thoroughly updated to include the latest research on each key topic, and now features: A spotlight on diversity, equity, and inclusion throughout, including coverage of LGBTQIA+ inclusion and racial justice Expanded coverage of ethics in I/O psychology practice Increased emphasis on cross-cultural and international issues Coverage of the changing nature of work, post-pandemic, including remote working, worker stress, and burnout A new focus on technologies related to I/O such as virtual reality and computer adaptive testing New figures, illustrations, and charts to grab the reader's attention and facilitate learning Accompanied by extensive student and instructor resources, it is a must read for all students on I/O psychology courses and courses in work psychology and organizational behavior, and for practicing managers who want a comprehensive overview of the psychology of work. © 2022 Ronald E. Riggio & Stefanie K. Johnson. All rights reserved.

The Sixth Report of the Joint National Committee on Prevention, Detection, Evaluation, and Treatment of High Blood Pressure

Article

Full-text available

Nov 1997
ARCH INTERN MED

THE PURPOSE of the "Sixth Report of the Joint National Committee on Prevention, Detection, Evaluation, and Treatment of High Blood Pressure" (JNC VI) is to provide guidance for primary care clinicians. The committee recognizes that the responsible clinician's judgment of the individual patient's needs remains paramount. Therefore, this national guideline should serve as a tool to be adapted and implemented in local and individual situations. Using evidence-based medicine and consensus, the report updates contemporary approaches to hypertension control. Among the issues covered are the important need for prevention of high blood pressure by improving lifestyles, the cost of health care, the use of self-measurement of blood pressure, the role of managed care in the treatment of high blood pressure, the introduction of new combination antihypertensive medications and angiotensin II receptor blockers, and strategies for improving adherence to treatment. The JNC VI report places more emphasis than earlier reports on absolute

Healthier by Precommitment

Article

Full-text available

Jan 2014
PSYCHOL SCI

We tested a voluntary self-control commitment device to help grocery shoppers make healthier food purchases. Participants, who were already enrolled in a large-scale incentive program that discounts the price of eligible groceries by 25%, were offered the chance to put their discount on the line. Agreeing households pledged that they would increase their purchases of healthy food by 5 percentage points above their household baseline for each of 6 months. If they reached that goal, their discount was awarded as usual; otherwise, their discount was forfeited for that month. Thirty-six percent of households that were offered the binding commitment agreed; they subsequently showed an average 3.5-percentage-point increase in healthy grocery items purchased in each of the 6 months; households that declined the commitment and control-group households that were given a hypothetical option to precommit did not show such an increase. These results suggest that self-aware consumers will seize opportunities to create restrictive choice environments for themselves, even at some risk of financial loss.

Deaths: Final Data for 2008

Article

Full-text available

Dec 2011

This report presents final 2008 data on U.S. deaths, death rates, life expectancy, infant mortality, and trends by selected characteristics such as age, sex, Hispanic origin, race, state of residence, and cause of death. Information reported on death certificates, which is completed by funeral directors, attending physicians, medical examiners, and coroners, is presented in descriptive tabulations. The original records are filed in state registration offices. Statistical information is compiled in a national database through the Vital Statistics Cooperative Program of the Centers for Disease Control and Prevention's National Center for Health Statistics. Causes of death are processed in accordance with the International Classification of Diseases, Tenth Revision. In 2008, a total of 2,471,984 deaths were reported in the United States. The age-adjusted death rate was 758.3 deaths per 100,000 standard population, a decrease of 0.2 percent from the 2007 rate and a record low figure. Life expectancy at birth rose 0.2 years, from 77.9 years in 2007 to a record high 78.1 years in 2008. The age-specific death rate increased for age group 85 years and over. Age-specific death rates decreased for age groups: less than 1 year, 5-14, 15-24, 25-34, 35-44, and 65-74 years. The age-specific death rates remained unchanged for age groups: 1-4, 45-54, 55-64, and 75-84 years. The 15 leading causes of death in 2008 remained the same as in 2007, but Chronic lower respiratory diseases and suicide increased in the ranking while stroke and septicemia decreased in the ranking. Stroke is the fourth leading cause of death in 2008 after more than five decades at number three in the ranking. Chronic lower respiratory diseases is the third leading cause of death for 2008. The infant mortality rate decreased 2.1 percent to a historically low value of 6.61 deaths per 1000 live births in 2008. The decline of the age-adjusted death rate to a record low value for the United States and the increase in life expectancy to a record high value of 78.1 years are consistent with long-term trends in mortality.

Deaths: final data for 2009

Article

Dec 2011

Objective: This report presents final 2009 data on U.S. deaths, death rates, life expectancy, infant mortality, and trends by selected characteristics such as age, sex, Hispanic origin, race, state of residence, and cause of death. Methods: Information reported on death certificates, which is completed by funeral directors, attending physicians, medical examiners, and coroners, is presented in descriptive tabulations. The original records are filed in state registration offices. Statistical information is compiled in a national database through the Vital Statistics Cooperative Program of the Centers for Disease Control and Prevention's National Center for Health Statistics. Causes of death are processed in accordance with the International Classification of Diseases, Tenth Revision. Results: In 2009, a total of 2,437,163 deaths were reported in the United States. The age-adjusted death rate was 741.1 deaths per 100,000 standard population, a decrease of 2.3% from the 2008 rate and a record low figure. Life expectancy at birth rose 0.4 years, from 78.1 years in 2008 to a record-high 78.5 years in 2009. Age-specific death rates decreased for age groups: under 1 year, 1-4, 15-24, 55-64, 65-74, and 75-84. The age-specific death rates remained unchanged for age groups 5-14, 25-34, 35-44, 45-54, and 85 years and over. The 15 leading causes of death in 2009 remained the same as in 2008. The infant mortality rate decreased 3.3% to a historically low value of 6.39 deaths per 1,000 live births in 2009. Conclusion: The decline of the age-adjusted death rate to a record low value for the United States and the increase in life expectancy to a record high value of 78.5 years are consistent with long-term trends in mortality.

Heroin addicts have higher discount rates for delayed rewards than non-drug-using controls

Article

Working Over Time: Dynamic Inconsistency in Real Effort Tasks

Article

Jan 2013

Experimental tests of dynamically inconsistent time preferences have largely relied on choices over time-dated monetary rewards. Several recent studies have failed to find the standard patterns of present bias. However, such monetary studies contain often-discussed confounds. In this paper, we sidestep these confounds and investigate choices over consumption (real effort) in a longitudinal experiment. We pair this effort study with a companion monetary discounting study. We confirm very limited time inconsistency in monetary choices. However, subjects show considerably more present bias in effort. Furthermore, present bias in the allocation of work has predictive power for demand of a meaningfully binding commitment device. Therefore our findings validate a key implication of models of dynamic inconsistency, with corresponding policy implications.

Power and Reduced Temporal Discounting

Article

Feb 2013
PSYCHOL SCI

Decision makers generally feel disconnected from their future selves, an experience that leads them to prefer smaller immediate gains to larger future gains. This pervasive tendency is known as temporal discounting, and researchers across disciplines are interested in understanding how to overcome it. Following recent advances in the power literature, we suggest that the experience of power enhances one's connection with the future self, which in turn results in reduced temporal discounting. In Study 1, we found that participants assigned to high-power roles were less likely than participants assigned to low-power roles to display temporal discounting. In Studies 2 and 3, priming power reduced temporal discounting in monetary and nonmonetary tasks, and, further, connection with the future self mediated the relation between power and reduced discounting. In Study 4, experiencing a general sense of power in the workplace predicted actual lifetime savings. These results have important implications for future research.

Diet Choice and the Role of Time Preference

Article

Jun 2003
J CONSUM AFF

Economic theory related to time preference and health may be useful as a means of understanding the predictors of diet choice. The willingness to subvert present for future utility is hypothesized to influence the process of sacrificing time, flavor, convenience, and price in order to choose a healthful diet. Empirical results confirm the unique importance of variables related to rate of future discounting versus variables associated with market or cultural factors.

To Follow Expert Advice When Making a Decision: An Examination of Reactive Versus Reflective Autonomy

Article

Oct 1999
J PERS

The present study examined whether reactive and reflective autonomy moderated individuals’ responses to expert influence. Participants were given the opportunity to win money at a racetrack betting task for which they were provided with objective information about horses’ previous performances along with specific expert recommendations. The experts were made to look either credible or noncredible by manipulating information on the success rate of their previous predictions. The results showed that the two forms of autonomy led to exactly opposite behaviors in response to the advice of credible experts. Reflective autonomy was significantly positively associated with following the recommendations of credible experts whereas reactive autonomy was significantly negatively associated with following the recommendations. The results also showed that it was particularly after losing their first race that reactive autonomy was related to rejecting the advice of experts. These findings indicate that reactive and reflective forms of autonomy may yield opposite patterns of behavior in certain situations.

Time discounting for primary and monetary rewards

Article

Feb 2010
ECON LETT

This paper reports a positive and statistically significant relation between short-term discount rates elicited with a monetary and a primary reward (chocolate). This finding suggests that high short-term discount rates are related to an underlying individual trait.